This video from Khan Academy further explores this concept by using production possibility frontiers to illustrate comparative advantage. After watching the video, please post a comment summarizing the main points presented in the video and your opinion regarding whether or not the video was helpful in clarifying your understanding of this topic.
Comparative Advantage Video
Mrs. H.
ReplyDeleteTest comment
This video is giving examples of opportunity cost and who as a comparative advantages with producing plates and cups. He is saying that if both Patty and Charlie specialize in their comparative advantage then trade they will get outcomes bigger than both of their individual production possibility frontiers.
ReplyDeleteI found this video helpful with understanding this topic because not only does he verbally explain comparative advantage, but he also is drawing graphs and giving examples.
This video summarized comparative advantage, trading, and specialization. By specializing in the item that they had the lowest opportunity cost in, Charlie and Patty produced more cups and plates than they would have on their own. He also said that by trading in the marketplace, they saved more than they would have if they had to produce the opposite product themselves.
ReplyDeleteThis video helped me understand the concept better because his example was very in depth and I could visually see what he was explaining.
Catherine Baker
Lord Voldemort aka Tess Laurentius
ReplyDeleteThis video is a good summary of comparative advantage, specialization, opportunity cost, and trading regarding plates and cups. It goes through the scenerio of Charlie and Patty specializing in the production of cups and plates. By each specializing, they are able to produce more and increase trade. They produced the product in which they had the lowest opportunity cost. This scenerio benefited both producers. The speaker also talked about trading in a market place and by doing so each producer saved more.
I found this video to be a great asset in helping me understand comparative advantage. It provided me with a visual aid using graphs and drawings, as well as describing the concept in depth. It was to my benefit to watch this video.
This video is about specialization, opportunity cost, comparative advantage, and trading. It says that if Charlie and Patty both specialize in what they do best (the item with the lowest opportunity cost), they will increase their output and have more cups and plates all together. Then, by trading in the market place, they would save more than if they had tried to produce the item themselves.
ReplyDeleteI found this video very helpful in understanding the concepts because I find it easier to learn through examples because it explains the terms in real life scenarios.
This video summarizes specialization, comparative advantage, opportunity cost, and trading (plates and cups). The video is saying that if Charlie and Patty specialize, then they will be able to produce and increase trade. Also, he said that by trading in the market place, they would save more money than if they produced the opposite goods themselves.
ReplyDeleteI found that this video was a very useful resource to help me better understand the concepts of comparative advantage.
Naomi Yamashita
This video talked and gave examples about comparative advantage, trading, and specialization. Specialization in the item that Charlie and Patty had the lowest opportunity cost in helped then produce more cups and plates than they would have on their own. when they traded in the marketplace, they saved more money then they would have if they just produced the items by themselves.
ReplyDeleteThis video went more in depth with the example so I was able to grasp a better understanding of what comparative advantage is.
Callan Tigani